The Renaissance IPO ETF (NYSEArca: IPO), which debuted last month, has confirmed it will add Twitter (NYSE: TWTR) to its lineup on Nov. 13.
“Based on the company’s pricing terms, Twitter commands an implied market cap of $17.9 billion, which is large enough to qualify the company for inclusion into the Renaissance IPO ETF at the market’s close on November 13th, 2013,” according to a statement issued by Renaissance Capital.
Twitter raised $1.82 billion after selling 70 million shares at $26, above the offering range of $23-$25, on Thursday. Shares of Twitter surged 72.7% to close at $44.90 with a market cap of almost $24.5 billion.
With a market cap of $24.4 billion, Twitter is already more than one and a half times larger than IPO’s second-largest holding, Michael Kors (NYSE: KORS). IPO closed down 2.7% on Thursday. [Not Much Twitter Help for IPO, Social Media ETFs]
Facebook (NasdaqGM: FB) is the largest of IPO’s 51 holdings with a weight of 10.2%. The ETF had $28.5 million in assets under management as of Wednesday.
Renaissance IPO ETF Top-10
